Singapore: Market for Gravel And Crushed Stone 2024

Market Size for Gravel And Crushed Stone in Singapore

In 2021, the Singaporean gravel and crushed stone market was finally on the rise to reach $X after two years of decline. In general, consumption posted prominent growth. Gravel and crushed stone consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Gravel And Crushed Stone in Singapore

In value terms, gravel and crushed stone production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 107% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Gravel And Crushed Stone

Exports from Singapore

For the third year in a row, Singapore recorded decline in shipments abroad of gravel and crushed stone, which decreased by -21.5% to X tons in 2021. In general, exports saw a precipitous contraction. The pace of growth was the most pronounced in 2018 when exports increased by 363% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, gravel and crushed stone exports fell dramatically to $X in 2021. Overall, exports showed a dramatic decline. The most prominent rate of growth was recorded in 2018 when exports increased by 178% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Papua New Guinea (X tons), Indonesia (X tons) and Brunei Darussalam (X tons) were the main destinations of gravel and crushed stone exports from Singapore, together comprising 63% of total exports. These countries were followed by Bangladesh, Malaysia, Australia, British Indian Ocean Territory and China, which together accounted for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +4.1%), while the other leaders experienced mixed trend patterns.

In value terms, Papua New Guinea ($X) remains the key foreign market for gravel and crushed stone exports from Singapore, comprising 34% of total exports. The second position in the ranking was held by Indonesia ($X), with a 15% share of total exports. It was followed by Brunei Darussalam, with a 15% share.

From 2012 to 2021, the average annual growth rate of value to Papua New Guinea totaled -23.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-22.0% per year) and Brunei Darussalam (-0.3% per year).

Export Prices by Country

The average gravel and crushed stone export price stood at $X per ton in 2021, dropping by -31.8% against the previous year. Over the period under review, the export price, however, showed a tangible increase. The pace of growth appeared the most rapid in 2019 an increase of 168%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020, and then contracted notably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to British Indian Ocean Territory ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+111.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gravel And Crushed Stone

Imports into Singapore

In 2021, gravel and crushed stone imports into Singapore surged to X tons, increasing by 22% against the previous year's figure. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 62% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, gravel and crushed stone imports skyrocketed to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 68% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of gravel and crushed stone to Singapore, accounting for a 75% share of total imports. Moreover, gravel and crushed stone imports from Malaysia exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fivefold. The third position in this ranking was held by Vietnam (X tons), with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia amounted to -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+27.4% per year) and Vietnam (+30.9% per year).

In value terms, the largest gravel and crushed stone suppliers to Singapore were Indonesia ($X), Malaysia ($X) and Thailand ($X), together comprising 93% of total imports. Vietnam and China lagged somewhat behind, together comprising a further 6.5%.

Vietnam, with a CAGR of +28.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gravel and crushed stone import price stood at $X per ton in 2021, surging by 6.8% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 12% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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